Markets have a robust morning; Nifty heads towards 8,450

The markets are going strong this morning, thanks to a rally in the financials and IT stocks.

At 10:30am, the Sensex was at 27,862, stronger by 217 points or 0.7% and the Nifty was at 8,427, up 57 points.

The broader markets are also equally strong, with the midcap and smallcap indices gaining around 0.6% each at 10,690 and 11,250 respectively Stock Market Trading Tips

The benchmark indices had ended with modest losses on Tuesday, amid a volatile session of trade, to snap two successive days of gains. However, the markets rebounded this morning due to the favourable cues from the Asian front. 

RUPEE

The rupee opened lower by 10 paise at 63.77 per dollar this morning as against 63.67 on Tuesday. The dollar continues to gain on unexpectedly better US April housing data Intraday Trading Tips

SECTORS AND STOCKS

All the sectoral indices are in the green, with the exception of the metal space.

Tata Power has spurted by 2.8% to Rs 78 to top the gainer's charts on the BSE after the company reported a better-than-expected consolidated net profit of Rs 159 crore in the fourth quarter ended March 31, 2015 (Q4) mainly due to lower depreciation and lower coal prices Nifty Trading Tips

The financial stocks are going strong this morning on continuing hopes of a rate cut by the RBI at its upcoming policy review meet on June 2. Financial heavyweights such as ICICI Bank, HDFC, HDFC Bank and SBI have jumped 1-2% each this morning. In the broader banking universe, Kotak Mahindra Bank, Yes Bank, Bank of India and Bank of Baroda have also nadded 0.5%-1% each.

The IT stocks have build on the gains of the previous session, thanks to the strengthening dollar. Infosys, TCS and HCL Tech and Tech Mahindra have added around 1% each.

The metal space is, however, bucking the strong trend, with Tata Steel and Hindalco losing around 1% each Jackpot Trading Tips

SMART M0VES

Glenmark Pharmaceuticals surged by 3% to Rs 928 on the NSE after the Reserve Bank of India (RBI) allowed foreign institutional investors (FIIs) to buy up to 49% stake in the drug maker.

Jamna Auto Industries rallied 8% to Rs 259 on the NSE after the company reported an over five-fold jump in consolidated net profit at Rs 15.31 crore for the fourth quarter ended March 31, 2015 (Q4) Stock Market Trading Tips

On the other hand, Pidilite Industries slumped by 4% to Rs 572 on the NSE after the company reported a lower-than-expected 10% year on year (yoy) growth in consolidated net profit of Rs 81 crore for the fourth quarter ended March 31, 2015 due to lower other income.

The market breath is strong. Out of 2,001 stocks traded on the BSE, there are 1,274 advancing stocks as against 628 declines Nifty Trading Tips